ATML has now hit the third profit target (T3) for a 20.6% gain from entry and upon further review of the charts, I have decided to revise T3 to the final target (vs. the former final target, T4, at 9.45). This decision is based on several factors including the near-term overbought nature of the stock coupled with the overall near-term bearish outlook for the broad market. Longer-term traders planning to hold out for the former final target at 9.45 should at least consider raising stops to protect gains or maybe take partial profits. Updated daily chart above.
The ATML long trade has now hit & exceeded the second target (T2) for a 13.1% gain (gains are always measured from entry to the target, not beyond it unless prices have gapped above it). Consider booking partial or full profits and/or raising your stops, depending on your own trading plan. Original & updated daily charts below: My preferred target at this time is T3 (8.20). I've been watching ATML fall pennies shy of T2 for the last couple of weeks and after falling shy of that target level (resistance), the stock would fall back to the first target area [...]
ATML looks to have been building energy since the beginning of the year as it has been consolidating in a range while bouncing along the bottom of it's primary downtrend line (best viewed on the 2-day period chart below). A long entry will be triggered on any move above 6.80. Stops should be set based on one's preferred price target (listed on chart), using no less than a 3:1 R/R. e.g.- the minimum suggested stop for T3 (8.20), would be 6.33 giving that trade a downside (loss) potential of 0.47 and a profit (gain) potential of 1.40 based on an entry [...]